Thousands of Africans flee the continent regularly in search of opportunities. On the other hand, business people from the USA, Europe, China, India and the Middle East flock to Africa in search of problems to solve. Problems that seem to abound on the continent, and where solutions translate to financial gain. However, enterprising Africans that chose to remain on the continent are championing innovative products and services that are starting to catch the world’s attention. “Made in Africa” is more than just a trend and the world is watching and listening. Here are the top 5 business opportunities through which Africa is attracting millions of dollars from both local and international investors.
1. African food brands for export: The African food market is fast-expanding beyond the continent’s shores. Whether it is catering to the needs of Africans in Diaspora, brands like South Africa’s Tiger Brands and Nigeria’s Omo-Alata are fast gaining international renown.
2. Fashion and Apparel: This spans apparel production, African fashion design and retail. There is now a global demand for African prints and fabrics creating a unique opportunity that brands like Dressmeoutlet.com are taking advantage of.
3. Film production and distribution: Africa’s film industry is the second largest in the world (by volume) after India’s Bollywood, and produces more films than America’s Hollywood. Although it has been held back from its full potential due to piracy, low budgets and other issues. However, a turning point has emerged from the video-on-demand (VOD) revolution led by Netflix. Also, online movie platforms (RokTv, RedTv, Ndani) and the progressing cinema culture is set to make this sector a goldmine.
4. Digital financial services: The emergence of the African finTech industry has been nothing short of inspiring. Moreso, it continues to progress, with companies like Interswitch dishing out stellar performances every year.
5. Music: This perhaps has made the most remarkable leap from a domain of hobbyists to one of the multi-million-dollar business opportunities in Africa. The global spread of Afrobeats can be likened to being as radical as African-American hip-hop. Propelled by the global reach of social media, Afrobeats along with fashion are now Africa’s major cultural export. Songs from African artistes featuring on Billboard charts, music festivals, and radio stations in the USA, Europe and the Caribbean.